[custom_adv] Time is an American weekly news magazine and news website published in New York City. It was founded in 1923 and originally run by Henry Luce. [custom_adv] A European edition (Time Europe, formerly known as Time Atlantic) is published in London and also covers the Middle East, Africa, and, since 2003, Latin America. An Asian edition (Time Asia) is based in Hong Kong. [custom_adv] The South Pacific edition, which covers Australia, New Zealand, and the Pacific Islands, is based in Sydney. In December 2008, Time discontinued publishing a Canadian advertiser edition. [custom_adv] Time has the world's largest circulation for a weekly news magazine. The print edition has a readership of 26 million, 20 million of whom are based in the United States. In mid-2012, its circulation was over three million, which had lowered to two million by late 2017. [custom_adv] Time magazine was created in 1923 by Briton Hadden and Henry Luce, making it the first weekly news magazine in the United States. [custom_adv] The two had previously worked together as chairman and managing editor, respectively, of the Yale Daily News. They first called the proposed magazine Facts. [custom_adv] They wanted to emphasize brevity, so that a busy man could read it in an hour. They changed the name to Time and used the slogan "Take Time–It's Brief". [custom_adv] Hadden was considered carefree and liked to tease Luce. He saw Time as important, but also fun, which accounted for its heavy coverage of celebrities (including politicians), the entertainment industry, and pop culture—criticized as too light for serious news. [custom_adv] It set out to tell the news through people, and for many decades, the magazine's cover depicted a single person. More recently, Time has incorporated "People of the Year" issues which grew in popularity over the years. [custom_adv] Notable mentions of them were Barack Obama, Steve Jobs, etc. The first issue of Time was published on March 3, 1923, featuring Joseph G. Cannon, the retired Speaker of the House of Representatives, on its cover; a facsimile reprint of Issue No. 1, including all of the articles and advertisements contained in the original, was included with copies of the February 28, 1938 issue as a commemoration of the magazine's 15th anniversary. [custom_adv] The cover price was 15¢ (equivalent to $2.16 today) On Hadden's death in 1929, Luce became the dominant man at Time and a major figure in the history of 20th-century media. [custom_adv] In November 2017, Meredith Corporation announced its acquisition of Time, Inc., backed by Koch Equity Development. In March 2018, only six weeks after the closure of the sale, Meredith announced that it would explore the sale of Time and sister magazines Fortune, Money, Sports Illustrated, since they did not align with the company's lifestyle brands. [custom_adv] In September 2018, Meredith announced that it would re-sell Time to Marc Benioff and his wife Lynne for $190 million, which was completed on October 31, 2018. Although Benioff is the chairman and co-CEO of Salesforce.com, Time will remain separate from the company, and Benioff will not be involved in its daily operations. [custom_adv] Time magazine was created in 1923 by Briton Hadden and Henry Luce, making it the first weekly news magazine in the United States. The two had previously worked together as chairman and managing editor, respectively, of the Yale Daily News. [custom_adv] They first called the proposed magazine Facts. They wanted to emphasize brevity, so that a busy man could read it in an hour. They changed the name to Time and used the slogan "Take Time–It's Brief". Hadden was considered carefree and liked to tease Luce.
